Bitcoin Hits New ATH, Can It Continue the Rise?

The US elections had a big impact on the crypto market, with Kamala Harris leading in the polls, causing crypto markets to fall, while Donald Trump’s lead caused crypto markets to rise. And finally, the US voters cast their votes and now the results are awaited. According to the latest data, Donald Trump seems very close to winning and in fact, we can now say that Donald Trump is the 47th President of the United States, but he still needs 3 more electoral votes then his victory will be officially declared. Donald Trump really made history by achieving a great success, and we can say that the crypto market had a big impact on this because he received great support from the crypto market due to his statements about cryptos. While Donald Trump, who received great support from the crypto market, is getting closer to victory, Bitcoin also hit an all-time high by exceeding $75,000.

Bitcoin (BTC) Weekly Chart

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Bitcoin hit a new ATH today at $75,011 according to data from Coinmarketcap and $75,358 according to data from Coingecko. After the sharp rise, it fell a little, which is actually quite normal, but it still seems to be on an upward trend, so it seems like it could rise again if the sales of those who want to take their profits early can be met. Bitcoin is currently trading at $73,169 and I think it could fall a little more and then continue its rise from where it left off.

Bitcoin (BTC) Dominance

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Bitcoin Dominance (BTC.D) is also rising and reached 60.51% today. The increasing Bitcoin Dominance clearly shows the confidence in Bitcoin and it seems like it may increase further in the coming sessions. Altcoins are also following Bitcoin's rise, some even more strongly, so we may see some altcoins rise much more in the coming days.

Presidential results (Updated at 11:37 GMT+3)

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According to current data, Kamala Harris won 224 electoral votes while Donald Trump won 267 electoral votes and the difference is quite large, so we can now say that Donald Trump is the 47th Presidential of the United States, but he still needs 3 more electoral votes to be definite. Donald Trump currently has 267 of the 270 electoral votes needed to win the White House.

We can say that the US elections have had a huge impact on the crypto market like never before, but regardless of who wins, Bitcoin is strong enough to chart its own course regardless of the election results. And Bitcoin is affected by broader market dynamics and investor sentiment, and I believe Bitcoin will continue its growth trend after the current election. Some investors need reasons to buy or sell, and the US elections were just one of them, and the increasing likelihood of Donald Trump winning pushed investors to buy more, and so Bitcoin skyrocketed, which was to be expected, so I am not surprised that Bitcoin hit a new ATH. I have no doubt that Bitcoin will go higher in the future and I think Bitcoin could hit $220,000 in 2025 so I think Bitcoin is still cheap. I think that not only Bitcoin but also some altcoins, especially HIVE, are very cheap, so I follow altcoins closely. We may see sharper increases in crypto markets in the coming months. We'll wait and see.

Finally, I would like to say that it should never be ignored that the crypto market is now very strong.

Thank you for reading
@rtonline

This is not investment advice, I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.

Posted Using InLeo Alpha